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A division of profits and losses shall be made at such time as may be
agreed upon by the partners and at the close of each fiscal year.
The profits and losses of the partnership shall be divided between
the partners according to the above schedule.
6. Control - The partners shall have exclusive control over the
business and each partner shall have equal rights in the management
and conduct of the partnership business. Any difference arising as
to the ordinary matters connected with the partnership business shall
be decided by a third party arbitrator chosen and agreed upon by the
partners. Any act beyond the scope of this partnership agreement or
any contract that may subject this partnership to liability in excess
of one hundred thousand dollars shall be subject to the prior written
consent of all of the partners.
7. Disputes - Disputes that would jeopardize new business,
contracts, or existing clients and cannot be resolved by the partners
within _______________ days will be submitted to a mutually agreed upon
arbitrator whose decision will be final. Any disagreements or
differences that affect the management of the partnership business
and would jeopardize new business, contracts, or existing clients and
cannot be resolved by the partners within _______________ days will be
submitted to an arbitration process designed to repair the
partnership relationship and solve said differences or disputes.
8. Selling out - If a general partner decides to sell their
interests in the partnership business to the remaining partner the
interests will be valued at the one half the current business equity
plus two percent or the in effect cost of living percentage. Payment
for the interests sold shall be made over a period of _______________ years.
No general partner may sell their interests in the partnership
business to a third party unless it is mutually agreed to by the
general partners. _______________ days written notice of proposed sell out to
each general partner by the selling partner is required
9. Dissolution - In the event of retirement, expulsion, bankruptcy,
death, or insanity of a general partner, the remaining partners have
the right to continue the business of the partnership under the same
name by themselves, or in conjunction with any other persons they
select.
Signatures of the Partners
___________________________________
Typed Name
___________________________________
Typed Name
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source: csb.uncw.edu
General Partnership Agreement
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